Budget 2016 : Income Tax Rates / Slabs for FY 2016 – 2017

Finance Minister, Arun Jaitley will present the Union Budget for the financial year 2016-17 in the Parliament on Monday, February 29, 2016.

After the budget is announced we will update below the New Income Tax Rates / Slabs for FY 2016-17.

Every year, all the tax payers of the country are keen to know about the new tax slabs / rates which get implemented after the Union Budget.

Income Tax Rates / Slabs for FY 2016 – 2017 :

As of now find below the Income tax slabs for General Tax Payers (Indian Resident) for FY 2015-16. Soon after the budget is announced we will replace it with the latest tax slabs which will be applicable for FY 2016-17.

For Men and Women below 60 years

Income tax slab (in Rs)

Tax

0 to 2,50,000

No tax

2,50,001 to 5,00,000

10%

5,00,001 to 10,00,000

20%

Above 10,00,000

30%

For Senior citizen (Aged 60 years but less than 80 years)

Income tax slab (in Rs)

Tax

0 to 3,00,000

No tax

3,00,001 to 5,00,000

10%

5,00,001 to 10,00,000

20%

Above 10,00,000

30%

For Very Senior citizen (Above 80 years)

Income tax slab (in Rs)

Tax

0 to 5,00,000

0%

5,00,001 to 10,00,000

20%

Above 10,00,000

30%

Surcharge : 12% of the Income Tax, where taxable income is more than Rs 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Now depending on which tax slab you fall in, you will have to pay income tax.

Disclaimer:

We have made all the efforts to provide you with the correct content regards to the new tax slab, however we are no way responsible for any inaccuracies in the data provided above. Always consult your Chartered Accountant (C.A) for taxation matters.